Archive for January 2014

Crash Statistics 2013   Leave a comment

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Annual Global Road Crash Statistics

  • Nearly 1.3 million people die in road crashes each year, on average 3,287 deaths a day.
  • An additional 20-50 million are injured or disabled.
  • More than half of all road traffic deaths occur among young adults ages 15-44.
  • Road traffic crashes rank as the 9th leading cause of death and account for 2.2% of all deaths globally.
  • Road crashes are the leading cause of death among young people ages 15-29, and the second leading cause of death worldwide among young people ages 5-14.
  • Each year nearly 400,000 people under 25 die on the world’s roads, on average over 1,000 a day.
  • Over 90% of all road fatalities occur in low and middle-income countries, which have less than half of the world’s vehicles.
  • Road crashes cost USD $518 billion globally, costing individual countries from 1-2% of their annual GDP.
  • Road crashes cost low and middle-income countries USD $65 billion annually, exceeding the total amount received in developmental assistance.
  • Unless action is taken, road traffic injuries are predicted to become the fifth leading cause of death by 2030.

 

Annual United States Road Crash Statistics

  • Over 37,000 people die in road crashes each year
  • An additional 2.35 million are injured or disabled
  • Over 1,600 children under 15 years of age die each year
  • Nearly 8,000 people are killed in crashes involving drivers ages 16-20
  • Road crashes cost the U.S. $230.6 billion per year, or an average of $820 per person
  • Road crashes are the single greatest annual cause of death of healthy U.S. citizens traveling abroad

” Our blogs are for general education and information only and may not represent your unique needs. Coverage will vary. Please contact your agent to verify your specific policy terms and conditions.”

Courtesy of ASIRT

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Why is My Neighbor’s Insurance Cheaper than Mine? Differences in Homeowner and Auto Policies   Leave a comment

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Why is my neighbors insurance cheaper than mine? That might be a question you’re asking yourself after finding your neighbor is paying less on their car or homeowners insurance than you are. And while that shouldn’t necessarily foster bad relations with your neighbor, there isn’t any neighborhood profiling going on that singles you out to pay more. When it comes to insurance, there’s still a mistaken notion that what neighborhood you live in and what your income is will determine a standard rate for everyone. The truth is, insurance goes with the variables of an individual’s life.

Why You Might Be Paying More for Car Insurance

You might still be confused that you’re paying a higher car insurance premium when you and your neighbor even have the same car. However, ask your neighbor what year their car is. Is the car a few years older than yours? If it is, it may explain why your neighbor pays less.

Also consider that driving records will make a considerable difference in insurance rates. It’s possible that your neighbor has never been in an accident or had a speeding ticket. Conversely, perhaps you have and should go pay that outstanding traffic ticket before it starts to compound.

Unfortunately, gender can also have much to do with rate fluctuations as well. If your neighbor is female, chances are that she pays less than you do because men are noted to have more car accidents. As unfair as this might seem, you can blame it all on the obsession over studying statistics. The real differences are usually in the policy details, limits of coverage and specific coverages. If your neighbor does not have bodily injury coverage and you do, well your neighbor is not properly insured and could have significant out of pocket expenses if they have a claim. That’s not a cost saving measure, that’s what we call self insuring without knowledge of it. 

Variables are ultimately numerous in the world of car insurance, including marital status and even how good your credit is or isn’t. The most recent factor that can make as much as a 20% difference is simply choosing to pay for the policy in full instead of making monthly payments, Or choose to do payments via EFT automatically out of your checking account each month, that also gives you a discount. But don’t think it stops here, because homeowners insurance utilizes similar circumstances, including so much more.

Why You Might Be Paying More for Homeowners Insurance

Paying a higher homeowners insurance premium than your neighbor might be more perplexing than the differences in car insurance. Coverage limits are going to make significant differences in how much you’re paying in comparison to a neighbor. Nevertheless, you can take heart in knowing that your coverage limit is significantly higher, which means you’ll have compensation after a disaster while your neighbor may not.

Also consider that some people choose to eliminate added insurance coverage for certain things like slow water leak damage or foundation coverage. While your neighbor can be deemed slightly crazy if he or she doesn’t have coverage for these possible disasters, you won’t have to worry about that designation. Regardless, if you have coverage for something that’s less likely to happen in your region, you might be able to follow your neighbor’s lead and eliminate it to equalize your premiums. Some policies do not include coverage for screen enclosures, others exclude water damage, roof damage, or just have higher deductibles. Some don’t provide replacement cost coverage but rather pay you based on depreciation. That can be a costly option when you have a claim. Claims history, payment history and financial responsibility are all factors that are specific to each person.

Florida companies are now using what is called “Single Risk Modeling”. This literally takes many factors into consideration including things you would have never thought of. The direction your house is facing could result in a different cost or even make your home ineligible, Now before you go crazy, remember it is all about the risk and the companies have years of data and millions of claims in just 2004 and 2005 to show what is a higher or lower risk. If your home has a carport it is likely to be damaged if a hurricane approaches. But the direction that the wind blows during a hurricane is known, so if your carport faces into the path of the wind from an approaching hurricane it is a higher risk. The same exact house across the street could be no problem. All I ask is that you don’t shoot the messenger. I don’t trust the weatherman anymore than I could throw him but claims data is real and computer modeling is relied on more and more. So, Wind mitigation factors are the new discount for Florida property owners. The “harder” your home is against wind, or to say it simply, the things you do to prevent damage from wind, the more cost savings your could see. Hurricane shutters can’t just be tested anymore, they have to be tested AND APPROVED in order to qualify for the discount and every opening to the home must be protected, doors, windows, skylights even the garage door must be rated to withstand wind and impact. If any of these openings are not properly protected no discount will apply for opening protection. The shape of your roof, Hip vs. Gable, the age of your roof, if your roof complies with the current building code or not and of course the type of hurricane straps your home has is also a factor that determines the price of your insurance. As with any insurance policy the best advice is to talk to your agent and determine what is best for YOU, not your neighbor. 

” Our blogs are for general education and information only and may not represent your unique needs. Coverage will vary. Please contact your agent to verify your specific policy terms and conditions.”

Posted January 3, 2014 by leecountyinsurance in Uncategorized